Sino Horizon Holdings Ltd (2923) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Sino Horizon Holdings Ltd TWD 3.39, price TWD 24.30, upside -86.1%, quality 36 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Sino Horizon Holdings Limited, together with its subsidiaries, engages in the development, sale, and leasing of real estate properties in mainland China and Taiwan. It operates through Real-Estate Development and Sales, Commercial Leasing, Property Management, and Others segments.
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Sino Horizon Holdings Limited, together with its subsidiaries, engages in the development, sale, and leasing of real estate properties in mainland China and Taiwan. It operates through Real-Estate Development and Sales, Commercial Leasing, Property Management, and Others segments. The company's property portfolio includes housing, shopping malls, and office buildings. Sino Horizon Holdings Limited was incorporated in 2007 and is based in Shanghai, China.
Stock analysis
Sino Horizon Holdings Ltd (2923) currently trades at 24.30 TWD, while our model-based Fair Value estimate is 3.39 TWD, implying the stock looks roughly 616.8% overvalued today.
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Valuation
How firm this estimate is: it rests on 6 models at a data quality of 92/100, which puts the evidence level at low.
Quality & growth
The Quality Score stands at 36/100 (below-average quality), in the Real Estate sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Sino Horizon Holdings Ltd reported revenue of 5.8B TWD in FY2025 versus 4.8B TWD in FY2021, a compound +4.8%/yr. Reported net income was −6.3B TWD in FY2025.
Key figures
Market cap 56.2B TWD (≈ $1.8B) · P/S ratio 7.98 · EPS (TTM) −3.62 TWD · Dividend yield 0.5% · Net margin −109% · Return on equity −11.0% · Return on assets (EBIT) 3.0% · Operating margin 52.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).
What moves the price
The share trades about 41% below its 52-week high and 41% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 54% fair-value upside, at −86%, 2923 screens richer than that median.
Fair Value models
Bear 3.39 TWDFair Value 3.39 TWDBull 3.39 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−32.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−14.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−15.5%
Start year 2020 (pandemic). Over 10 years: −7.6% a year
Revenue growth 17 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.9%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
10.5% (2019) → 41.8% (2024)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
Compare Sino Horizon Holdings Ltd with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Real Estate - Development · 578 stocks
Beats the industry median on 4/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score37 · Bottom 25%
Fair Value upside−86% · Bottom 25%
Profitability
Return on assets2% · Above median
Net margin (TTM)−85% · Bottom 25%
Operating margin (TTM)53% · Top 25%
Growth and dividend
Revenue growth154% · Top 25%
Dividend yield (TTM)0.5% · Bottom 25%
Balance sheet
Debt / equity1.04× · Highest 25%
Valuation Multiplesvs Real Estate - Development median · lower = cheaper
P/S (TTM)0.25× · Cheapest 25%
EV/EBITDA12.8× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 47
FUTURE (revenue growth)100· sector 0
PAST (return on equity)0· sector 11
HEALTH (low debt)48· sector 83
DIVIDEND (yield)10· sector 56
VALUE 0: the price sits above our fair-value range.
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Is Sino Horizon Holdings Ltd (2923) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 3.39 TWD versus a price of 24.30 TWD, about −86% upside (overvalued).
What is the fair value of 2923?
Our model-based fair value for Sino Horizon Holdings Ltd is 3.39 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 24.30 TWD.
What is the quality score of 2923?
Sino Horizon Holdings Ltd has a Quality Score of 36/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Sino Horizon Holdings Ltd (2923)?
Our model-based price target is the fair value of 3.39 TWD (as of Sep 24, 2026) from 4 valuation models. It is a calculation from audited fundamentals, not an analyst target.
What is the Sino Horizon Holdings Ltd stock forecast for 2026?
Our models put fair value at 3.39 TWD, about −86% upside versus a price of 24.30 TWD (overvalued). The calculation is refreshed regularly with new filings.
What is the revenue of Sino Horizon Holdings Ltd (2923)?
Sino Horizon Holdings Ltd reported trailing-twelve-month revenue of about 7.0B TWD (latest available figure, as of Sep 24, 2026).
Does Sino Horizon Holdings Ltd pay a dividend?
Sino Horizon Holdings Ltd currently shows a dividend yield of about 0.49% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Sino Horizon Holdings Ltd (2923)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sino Horizon Holdings Ltd it is 3.39 TWD per share (as of Sep 24, 2026), against a price of 24.30 TWD. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Sino Horizon Holdings Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2923 trades above its calculated fair value: price 24.30 TWD, fair value 3.39 TWD, a gap of about −86% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 2923?
No. The price is what the market pays today (24.30 TWD); the fair value is what the company's own numbers justify (3.39 TWD). For Sino Horizon Holdings Ltd the two are 20.91 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Sino Horizon Holdings Ltd worth?
The market values Sino Horizon Holdings Ltd at about 56.2B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 24.30 TWD; our models calculate a fair value of 3.39 TWD per share.
How solid is the balance sheet of Sino Horizon Holdings Ltd (2923)?
Balance-sheet figures for Sino Horizon Holdings Ltd (as of Sep 24, 2026): return on equity −11.0%, debt of 1.04 per unit of equity. They feed the Quality Score of 36/100, which measures business quality independently of the share price.
How far is 2923 from its 52-week high?
Sino Horizon Holdings Ltd trades at 24.30 TWD, about 41% below its 52-week high of 41.00 TWD and 41% above the low of 17.20 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 3.39 TWD is for.
Which stocks are comparable to Sino Horizon Holdings Ltd?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, Vinhomes Joint Stock Company, CK Asset Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Sino Horizon Holdings Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 24.30 TWD, calculated fair value 3.39 TWD (−86%), Quality Score 36/100, from 4 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 2923 calculated?
We run Sino Horizon Holdings Ltd through 4 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 3.39 TWD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Sino Horizon Holdings Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Sino Horizon Holdings Ltd (2923)?
The closing price on Sep 24, 2026 was 24.30 TWD. Our model-based fair value is 3.39 TWD, about −86% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sino Horizon Holdings Ltd right now?
The price sits above even our optimistic bull case (3.39 TWD). The favourable scenario is already priced in. Weak quality (36/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Sino Horizon Holdings Ltd
How large is the market capitalisation of Sino Horizon Holdings Ltd (2923)?
The market capitalisation of Sino Horizon Holdings Ltd is 56.2B TWD (≈ $1.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Sino Horizon Holdings Ltd (2923)?
The price-to-sales ratio of Sino Horizon Holdings Ltd is 7.98 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Sino Horizon Holdings Ltd (2923)?
Earnings per share at Sino Horizon Holdings Ltd are −3.62 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Sino Horizon Holdings Ltd (2923)?
The dividend yield of Sino Horizon Holdings Ltd is 0.5%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Sino Horizon Holdings Ltd (2923)?
The net margin of Sino Horizon Holdings Ltd is −109% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Sino Horizon Holdings Ltd (2923)?
The return on equity (ROE) of Sino Horizon Holdings Ltd is −11.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Sino Horizon Holdings Ltd (2923)?
On an EBIT basis the return on assets of Sino Horizon Holdings Ltd is 3.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Sino Horizon Holdings Ltd (2923)?
The operating margin of Sino Horizon Holdings Ltd is 52.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sino Horizon Holdings Ltd (2923)?
Revenue at Sino Horizon Holdings Ltd is growing +154% versus a year earlier (3y avg −14.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Sino Horizon Holdings Ltd (2923)?
Earnings per share at Sino Horizon Holdings Ltd are growing +452% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Sino Horizon Holdings Ltd (2923) generate?
The free cash flow of Sino Horizon Holdings Ltd is −2.2B TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Sino Horizon Holdings Ltd (2923) carry?
The net debt of Sino Horizon Holdings Ltd is 46.2B TWD (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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